THE ANALYSIS OF THE RELATIONSHIP BETWEEN PREMIUM AND CLAIM SETTLEMENT IN NIGERIA INSURANCE INDUSTRY (BETWEEN THE YEAR 2002-2012)
ABSTRACT
The insurance industry plays an active role in the economic development of each country. Developed and developing countries alike can do nothing without insurance. Consideration is required in order for the proposed insured to be covered. This consideration is called a premium, but the Insurance Act stipulates that, as far as insurance is concerned, there is no insurance protection without a premium. There is no specific product to test that an insured purchase is nothing more than a promise to pay a claim that occurs after the purchase and is consistent with the policy with which it was sold. Therefore, an actual evaluation will only be made when such a claim is made by the insured or other affected party. If the insurer keeps its promises at this point, the policyholder will be satisfied that he has sufficient coverage. But when the insurance company fails, the insured is disappointed. This disappointment can have serious consequences for insurance companies. Claims resolution is a very important issue that can lead to disputes between insurers and policyholders. In fact, most disputes that arise regarding insurance contracts are about claim settlement and payment. A key factor that distinguishes a good insurer is its claims processing services. Therefore, there is a strong correlation between premiums and claims settlement.
table of contents
title page
Mission
knowledge
chapter One
Foreword
1.1 Research background
1.2 Problem Description
1.3 Purpose of the survey
1.4 Research question
1.5 Research hypothesis
1.6 Importance of research
1.7 Research scope and limitations
1.8 Definitions of Operating Terms.
References
Chapter 2
Review of relevant literature?
2.1 Overview
2.2 Historical development of insurance premiums in the Nigerian insurance industry
2.3 Development of insurance industry in Nigeria
2.4 Role of premium and claims regulation in the development of the insurance industry in Nigeria. 2.5 Meaning and concept of settlement of insurance premiums and claims
2.6 Impact of premiums on the insurance industry.
2.7 Impact of claims settlement on the insurance industry in Nigeria.
2.8 Matters relating to the payment of premiums and claims.
References
Chapter 3
Survey method and design
3.1 Overview
3.2 Data sources
3.2.1 Primary Data Source
3.2.2 Secondary data
3.3 Study population
3.4 Sample size and sampling method
3.5 Sample size selection tool
3.6 Appropriateness and Reliability of Equipment Used
3.7 Methods of data presentation and analysis
Chapter 4
Data presentation, analysis and discussion of results
4.1 Overview
4.2 Data display
4.3 Data analysis
4.4 Hypothesis testing
4.5 Discussion of results
Chapter 5
Summary of results, conclusions and recommendations
5.1 Summary of results
5.2 Conclusion
5.3 Recommendations
5.4 Suggestions for further research
bibliography
accessories
chapter One
1.1 Research background
The role of insurance in the country’s economic development is of utmost importance and importance. Recognizing this fact, the federal government has approved the formation of other insurance companies over the past century.
Since the birth of the insurance industry, premiums have been a key tool in ensuring that an insurance contract effectively binds both contracting parties.
A premium is a cash benefit paid by an insured to an insurance company for the obligation to pay the sum insured if the insurance risk materializes. It is a necessary element and part of the conclusion of an insurance contract. Insurance companies have tables of premium rates they charge for each class of risk they underwrite. When creating these tables, we are based on empirical values as much as possible. The premium rate normally claimed is for property similar to that for which insurance is sought if the insured is willing to accept limited coverage or to meet a special insurance company. It may increase or decrease depending on whether you want more protection than the insurer is willing to provide. requirement.
On the other hand, when a person purchases a product, their main purpose, goal, or concern is whether the product is fit for the purpose of purchase. For the most part, he would have been happy to look at the product to make sure it worked before actually paying for it. But as far as insurance is concerned, there are no specific products to test. An insured purchase is merely a promise to pay any claims that arise after the purchase and exist with the policy sold. An actual review will only take place if such a claim arises on the part of the insured or other injured party. If the insured is satisfied, he has made a good deal. But when the insurance company fails, the insured is disappointed. His disappointment could have serious consequences for insurance companies. The insured person feels badly hurt and may tarnish the insurance company’s reputation and sue. Therefore, an insurance company is considered good if it has a good reputation for resolving claims.
Claims resolution, on the other hand, is a very important issue that can lead to disputes between insurers and policyholders. In fact, most of the disputes that arise with insurance contacts are related to claim resolution and the “price”, or amount that is paid. Therefore, a key element that characterizes a good insurer is claims resolution.
That doesn’t mean insurers should be too liberal to avoid pushing themselves out of the market. On the other hand, for insurers to maintain a good public image and credibility, granted and genuine claims must be resolved quickly.
1.2 Problem definition
1. The poor relationship between premium and claims payments in the Nigerian insurance industry.
2. Inadequate knowledge of the impact of claims adjustments on insurance practice. 3. If the insured fails to properly manage the payment of premiums.
4. Insurance challenges that hinder effective claims settlement in the Nigerian insurance business.
1.3 Purpose of the survey
1. An evaluation and analysis of the relationship between premium and claims payments in the Nigerian insurance industry.
2. Determining whether the payment of appropriate premiums affects claims settlement in the insurance industry.
3. Determining the role of premium payments will impact claims resolution in the Nigerian insurance industry.
4. Identify and highlight insurance issues that hinder effective claims settlement in the Nigerian insurance business.
1.4 Research question
Based on the research objectives, the following questions were created:
1. Is there a relationship between premium payments and claims payments in the insurance industry in Nigeria? 2. Will non-payment of premiums affect my claim payments?
3. Will premium payments affect claims resolution in the Nigerian insurance industry?
Four. Are there insurance practice issues that hinder effective claims settlement in the Nigerian insurance business?
1.5 Research hypothesis
1. Ho:
There is no direct relationship between premium payments and insurance claims payments.
Hi:
Premium payments and claims payments are directly linked.
2. Ho:
Adequate premium payments do not affect claims payments in the insurance industry.
Hi:
Adequate premium payments impact claims payments in the insurance industry.
3. Ho:
The insurance industry faces no challenges from paying premiums and paying claims
Hi:
The insurance industry faces challenges related to premium payments and claims payments
1.6 Importance of research
student
This will serve as secondary data for students doing related research in the future.
Stakeholder
This paper reviews the activities of insurance companies in terms of premium payments and claims payments. Insurance company
The insights gained in this work will help insurers understand the impact of claims adjustments on their insurance operations.
country total
Help the public understand the impact and benefits of paying reasonable premiums for the growth of claims payments and the development of insurance companies.
1.7 Scope of investigation
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